Student Loan Debt Statistics In 2019: A $1.5 Trillion Crisis

The latest student loan debt statistics for 2019 show how serious the student loan debt crisis has become for borrowers across all demographics and age groups. There are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt in the U.S. alone. Student loan debt is now the second highest consumer debt category - behind only mortgage debt - and higher than both credit cards and auto loans. Borrowers in the Class of 2017, on average, owe $28,650, according to the Institute for College Access and Success.

Not surprisingly, states with larger populations have higher aggregate student loan debt. California, Florida, Texas and New York are among the four highest states for total student loan debt outstanding among resident borrowers.

California, Florida, Texas and New York represent more than 20% of all U.S. student loan borrowers who collectively owe more than $340 billion of student loan debt.

Student Loan Debt Balance By State

High Student Loan Debt States & Low Student Loan Debt States

Connecticut has the highest average student loan debt per student ($38,510) from the Class of 2017.

Utah has the lowest average student loan debt per student ($18,838) from the Class of 2017.

Highest Average and Lowest Average Student Loan Debt By State

Student Loan Debt Per Capita In Select U.S. States

In the U.S., as of 2016, the average student loan debt per capita is $4,920. Pennsylvania, New York and Michigan have among the highest student loan debt per capita in the nation.

Arizona: $4,760

California: $4,160

Florida: $4,480

Michigan: $5,330

New York: $5,570

Ohio: $5,700

Pennsylvania: $5,690

Texas: $4,510

Distribution Of Student Loan Borrowers By Balance

As of 2019, more than 42 million student loan borrowers have student loan debt of $100,000 or less.

More than 2.5 million student loan borrowers have student loan debt greater than $100,000, with 610,000 of that total holding student loan debt greater than $200,000.

The largest concentration of student loan debt is $10,000 - $25,000, which accounts for 12.3 million student loan borrowers.

Student Loan Borrowers

Total Student Loan Balances By Age Group

Over the past five years, student loan debt balances have grown across each age category.

On a percentage basis, the largest increase in student loan debt has come from a surprising age group: 60 to 69-year-olds, who have experienced an 71.5% increase in student loan debt. However, on a dollar basis, this age group represents a $35.6 billion increase over the same period, which is the lowest increase among all age groups.

On a dollar basis, the highest increase in student loan debt is among 30 to 39-year-olds, who as a group now holds $461 billion in student loans. On a percentage basis, the amount of student loan debt held by 30-39 year-olds has increased 30.2% over the past five years.

As of 4Q 2018, there are 10.8 million borrowers with $196.2 billion of student loan debt in the Level Student Loan Repayment Plan (student loan repayment in 10 years or less), which represents the largest concentration of borrowers in student loan repayment.

The second most concentrated group of borrowers is enrolled in Income-Based Repayment (IBR) at $168.5 billion and 2.8 million borrowers.

As of 4Q 2018, this is the breakdown of the Direct Loan Portfolio by loan status. Almost $140 billion of student loans are in-school, while more than $620 billion currently are in repayment. More than $100 billion of Direct Loans are considered cumulative in default across 5 million borrowers.

In-School: $137.7 billion (7.4 million borrowers)

Grace Period: $43.9 billion (1.7 million borrowers)

Repayment: $623.7 billion (17.8 million borrowers)

Deferment: $124.3 billion (3.7 million borrowers)

Forbearance: $111.1 billion (2.6 million borrowers)

Cumulative in Default: $101.4 billion (5.1 million borrowers)

(Source: NSDLS)

Student Loan Servicer By Loan Status

For Direct Loan and FFEL Loans owned by the U.S. Education Department, here is the breakdown by these select student loan servicers:

Other Important Student Loan Debt Statistics

In addition, there are several other startling statistics regarding the state of student loan debt:

Nearly seven in 10 seniors (68%) who graduated from public and non-profit colleges in 2015 had student loan debt.

Public Colleges: Borrowers who graduated from public colleges represent 66% of all student loan borrowers and have, on average, $25,550 of student loan debt. Average student loan debt at public colleges is 25% higher today than it was in 2008.

Private Non-Profit Colleges: Borrowers who graduated from private non-profit colleges represent 75% of all student loan borrowers and have, on average, $32,300 of student loan debt. Average student loan debt at private non-profit colleges is 15% higher today than it was in 2008.

For-Profit Colleges: Borrowers who graduated from for-profit colleges represent 75% of all student loan borrowers and have, on average, $39,950 of student loan debt. Average student loan debt at for-profit colleges is 26% higher today than it was in 2008.

Almost half (47%) of private loan borrowers borrowed less than they could have in federal Stafford loans for college.

While private loan volume peaked at $18.1 billion in 2007-2008, private loan volume is now $7.8 billion as of 2014-2015.

6% of all undergraduates – 1,373,000 students – borrowed private loans in 2011-12.

Four out of five 2016 graduates with state loan debt attended schools in just four states: Texas, Minnesota, Massachusetts, and New Jersey that awarded only 14% of bachelor’s degrees.

Of the 100 colleges where graduates borrow most in private loans, 85 are nonprofit four-year colleges and 34 are located in Pennsylvania.

About 20% of the Class of 2012's student loans were private student loans.

Graduates who receive Pell Grants are more likely to borrow more debt: 88% had student loans in 2012, with an average student loan balance of $31,200 per borrower.

Graduates who did not receive Pell Grants: 53% of those who never received a Pell Grant had debt, with an average student loan balance of $26,450 per borrower — $4,750 less than the average debt for Pell recipients with debt.